Energy storage heats up as "Explosive" First Voyage New Energy, CATL "Shares" in the Capital Feast

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Source: Global Tiger Finance app

With oil prices high, the new energy sector—backed by a clear substitution logic—stands out above all else. On March 20, the energy storage stock Shouhang Xineng surged against the trend and completed a “20cm” daily limit up. Its total market cap jumped to nearly 25 billion yuan, with a gain of 111% over the past three months. And Shouhang Xineng’s outstanding performance has also given Ningde Times, a major shareholder of the company, a substantial amount of equity appreciation dividends.

Shouhang Xineng blows up higher against the trend.

On March 20, Shouhang Xineng opened lower but then climbed strongly, and near the lunch break it powered into a “20cm” daily limit up. It ultimately closed at 60.35 yuan. Data shows that throughout March, the stock rose as much as 85.75%. And in the three months since the start of the year, its cumulative gain has also exceeded 111%.

Starting March 3, Shouhang Xineng has had Dragon & Tiger Board data for more than ten consecutive trading days, which is enough to reflect the market’s pursuit of it. And the reason funds are pushing Shouhang Xineng may also be because they’re targeting its layout in household energy storage, commercial and industrial storage, and large-scale storage—especially in the current “window” when oil prices are soaring and the call for renewable energy substitution is extremely strong.

It’s worth noting that Ningde Times is also one of the biggest beneficiaries of this surge in Shouhang Xineng.

It is reported that Ningde Times’ subsidiary Qunding Investment took a stake in Shouhang Xineng in 2021 at a “discount price.” At that time, the company’s valuation was about 7.732 billion yuan. Now, Shouhang Xineng’s market cap has risen to nearly 25 billion yuan—about three times what it was then. And “CATL king” also holds 11.134 million shares; the value has climbed to 672 million yuan.

Shouhang Xineng

“Rocketing”

After strongly taking the “20cm” daily limit up, Shouhang Xineng’s share price set a new all-time high again. Looking at the period from 2026 to date, the company’s stock price has surged by 111.31%, ranking 46th among the three markets of Shanghai, Shenzhen, and Beijing, with overall standout performance.

Of course, Shouhang Xineng’s hot performance naturally benefits from many funds showing up. From March 3 to March 20, even the stock’s lowest turnover rate was as high as 28.94%, while the highest value even exceeded 67%. During this period, it also became a regular on the Dragon & Tiger Board, with a total of 13 appearances.

Looking further ahead, the recent trading capital composition for Shouhang Xineng has been relatively diverse. For example, on March 16, among the top five buying business departments, it was entirely covered by Shenzhen-Hong Kong Stock Connect (Shen Stock Connect) and four institutional special seats. And in the four days from March 17 to March 20, you can also find a “mixed battle” among institutions headed by Guoxin Beijing Branch, Shen Stock Connect, the “Lhasa gang,” quantitative funds, and the well-known hot money player “T King.”

据了解，近期中东战事推升了油气价格，尤其在能源短缺的欧洲，纳税人已经为化石燃料进口额外支出约30亿欧元。由此，欧洲当地的储能需求得以激发，而这也成为了市场敢于炒作首航新能的关键。

資料表明，首航新能的主要产品包括光伏并网逆变器、光伏储能逆变器、储能电池及储能系统，储能品类涵盖户储、工商储、大储。公司海外业务占据主要经营体量，欧洲地区正是其产品最主要的销售市场。

在2025年上半年，首航新能实现境外收入9.36亿元，占据总收入比例的84.16%，其中从意大利实现的销售收入达3.48亿元。着眼客户方面，公司主要对接大型光伏系统产品供应商和经销商，包含意大利ZCS、波兰CORAB、波兰EnergyNAT、捷克MV Technology等欧洲企业。

值得注意的是，在四年前东欧战事发生之初，欧盟短期内全面禁运俄能源，导致家庭和企业快速面临“断气断电”的风险，使得欧洲户储成为了全球储能的最主要增长点。但在本次冲突发生之前，实际上全球储能需求已呈现多点开花态势。

从首航新能的发展战略来看，其主要瞄准澳大利亚，在当地设立子公司，并开展本地化服务。公司此前也曾提到：“当前澳大利亚在‘家用电池补贴计划’及‘共享阳光’免费用电政策推动下，户用与工商业储能需求正快速释放。”

Ningde Times

“Getting fat”

With a massive capital footprint, the “CATL king” is also a shareholder of Shouhang Xineng.

Ningde Times’ investment in Shouhang Xineng dates back to 2021. That December, Shouhang Xineng’s registered capital increased from 360 million yuan to 371 million yuan. All of the newly issued 11.134 million shares were subscribed by Qunding Investment under Ningde Times, corresponding to a valuation of 7.732 billion yuan.

Interestingly, Shouhang Xineng actually gave Ningde Times a “discount price,” because in November 2021—that is, one month before Ningde Times “moved in”—Shouhang Xineng had received subscriptions for shares from Lihui Foundation, Huajing Lingyi, Zhishu Investment, Jiafa No. 2, and Changjiu Group. At that time, the company’s valuation had already reached 10 billion yuan.

Shouhang Xineng said that bringing in Ningde Times helps better integrate upstream and downstream resources of the issuer’s industries and aligns with its strategic plan. Judging from the relationship between the two, Ningde Times is Shouhang Xineng’s supplier, mainly providing cells for the production of energy storage batteries, and the cooperation between the two originated in 2021.

According to Shouhang Xineng’s prospectus, from 2021 to 2022, the company carried out cell supply transactions with Ningde Times totaling 70.9 million yuan and 784 million yuan, accounting for 6.44% and 27.56% of the company’s operating costs for the period. During that time, possibly based on Ningde Times’ stable supply of sources and industry buoyancy, the revenue from its energy storage battery business grew from 217 million yuan to 1.246 billion yuan, and its total revenue rose from 1.817 billion yuan to 4.456 billion yuan.

After that, Shouhang Xineng and Ningde Times did not have a “deep binding.” In 2023 and from January to June 2024, the amount of cells purchased by the company from the latter fell to 30.2423 million yuan and 70.985 million yuan, with the proportion of operating costs for the period already below 3%. The latter also dropped out of the list of the top five suppliers.

Meanwhile, Shouhang Xineng introduced Ningde Times’ “competitor,” EVE Lithium Energy (rights protection), in order to obtain large quantities of cells. The prospectus shows that the company used Guangdong Shouhang as the contract party and signed purchase contracts with Hubei EVE Power Co., Ltd. The contract term was “2022.12.28–long term.”

However, even if Ningde Times is no longer Shouhang Xineng’s primary supplier at the business level, at the capital level Shouhang Xineng still treated Ningde Times to a “wealth feast.”

At present, as Shouhang Xineng “rocket-launches,” its market cap has risen to 24.89 billion yuan, about three times the valuation at which Ningde Times invested. Based on Qunding Investment’s approximately 11.134 million shares, Ningde Times’ latest shareholding value is 672 million yuan.

A person with assets in the hundreds of millions of yuan

Xu Tao

Shouhang Xineng’s helm-holder Xu Tao has extensive experience in technology.

According to information, Xu Tao was born in December 1965, and he is already 60 years old this year. Early on, he entered Hunan University majoring in industrial foreign trade, and began his teaching career at the School of Management, Jiangsu University; according to disclosures by Shouhang Xineng, he also had a period of work experience in Shenzhen.

In 2010, Xu Tao founded Shenzhen Shouhang Communication Co., Ltd., leading the company into the industry of automobile intelligent networking terminals. But soon, the global photovoltaic industry fell into undervaluation due to policy shocks from Europe and the U.S. At that time, Xu Tao chose to “buy at the bottom,” and officially established Shouhang Xineng.

In the early days after Shouhang Xineng was founded, the company mainly produced low-power grid-tie inverters, mainly selling to the domestic market. Starting in 2015, domestic brands compared with overseas brands showed cost advantages, so Xu Tao also took the company abroad, aiming to share in overseas dividends.

It was also during this period that Xu Tao led Shouhang Xineng to carry out cooperation with customers such as ZCS and EnergyNAT, and began to “test the waters” in the energy storage field—developing energy storage inverters and energy storage batteries. Such a layout enabled the company to survive through the darkest moments of the domestic photovoltaic industry in 2018, and to catch up with the “photovoltaics-plus-storage big cycle” in 2019 and the overseas expansion wave.

After that, Xu Tao had even bigger ambitions: to lead Shouhang Xineng to list. In 2022, the company’s IPO was accepted, but along the way it also went through a “photovoltaic winter” again, until April 2025 when it successfully landed on the ChiNext board.

As Shouhang Xineng’s share price climbed steadily, Xu Tao also enjoyed the capital feast. In the 2025 semi-annual report, he directly held 173 million shares, accounting for 41.96% of the company’s total share capital, and indirectly held 1.06% equity through Hao Shou Wei Feng Investment, and indirectly held 4.55% equity through Bai Zhu Cheng Hang Investment. His direct and indirect total holding was 47.57%; based on this estimate, his current shareholding value exceeds 10 billion yuan.

Of course, many other shareholders also “caught the good luck.” Among them, the company’s seventh-largest shareholder is Xu Zhiying, Xu Tao’s spouse. The company’s sixth-largest shareholder Liu Shaogang and ninth-largest shareholder Tao Cheng are Xu Tao’s friends and also suppliers to Shouhang Xineng.

Data shows that in 2023, Shouhang Xineng ranked 10th globally in shipments of photovoltaic inverters, and in 2021 it ranked 9th globally in shipments of residential inverters. This indicates that the company still has room to further improve its market position internationally, and this will also be one of Xu Tao’s key tasks going forward.

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责任编辑：杨红卜